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Steaker Monthly Report (2022/05/11–2022/06/10)

Jun 14, 2022

Market Recap:

Since late March, we went through bloody nine consecutive red weeks. After the bloody days, the market finally closed a weekly candle in green. However, it’s a relatively uninspiring rebound with a weekly gain of 1.53% only, showing the buying demand is lukewarm. Meanwhile, the investors are shouldering lots of losses, especially the short-term holders (STHs). Based on the current price, almost all buyers since January 2021 are underwater.

Over the past month, the BTC was stuck in a sideways range between $32,000 and $28,000 and retested the resistance line of $32,000 twice. However, the market seems not to enter the fully-scale capitulation scenario, which implies a higher probability to end the bear market. Based on the data from Glass Node, the current BTC realized price hits around $23,600, while there is space for a further 21.33% decrease from $30,000. Notably, there are only 15.1% of trading days have closed below the realized price. Meanwhile, the current BTC price only decreases by 58% from the recent ATH, while at the end of the 2018–2019 bear market and the March 2020 COVID crash stood at 83% and 75%, respectively.

Last month, BTC prices traded between a new monthly low of $26,700 and a local high of $32,399, while ETH prices traded between a new monthly low of $1,703 and a local high of $2,451.

According to CoinGecko, the top 100 DeFi tokens’ market cap significantly declined from $78.30bn on May 10 to $49.3bn at the time of writing, down 36.92% MoM. The DeFi dominance in the crypto space currently sits at 3.8%, a net decrease of 1.3 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also surged from $161.52bn to the current level of $106.15bn, dropping 34.28% MoM. Around 6.20mm ETH and 161.2k BTC are locked in DeFi respectively, at the time of writing, citing data from DeFi Pulse.

Citing the data on CoinGecko, the NFT tokens and GameFi tokens market cap dipped by 20.33% MoM and 30.31% MoM to $18.57bn and $8.23bn, respectively.

Top 100 Coins Price Index:

Top 3 price gainers: XMR (+14.72%), KCS (+14.31%), LINK (+8.16%)

Top 3 price losers: CVX (-64.23%), NEAR (-46.76%), GMT (-45.81%)

Benchmark: BTC (-3.57%)

DeFi Tokens Price Index:

Top 3 price gainers: BEL (+167.46%), UQC (+39.93%), RSR (+30.98%)

Top 3 price losers: LUNC (-100%), CVX (-64.18%), FXS (-60.51%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (-36.92%)

NFT Tokens Price Index:

Top 3 price gainers: WEMIX (+65.04%), VID (+50.15%), GODS (+39.37%)

Top 3 price losers: LOOKS (-71.56%), XMON (-64.39%), AURY (-59.54%)

Benchmark: NFT Tokens’ Market Cap (-20.33%)

Metaverse/GameFi Tokens Price Index:

Top 3 price gainers: OPEN (+68.24%), WEMIX (+65.04%), GODS (+39.37%)

Top 3 price losers: GAME (-60.99%), AURY (-59.54%), ATRI (-57.14%)

Benchmark: GameFi Tokens’ Market Cap (-30.31%)